Progcap raises $30 million from Tiger, others

BENGALURU: Progcap, which offers financing solutions for SMBs in India, has raised $30 million as part of its Series C investment round led by existing investor, Tiger Global Management and Creation Investments.

Sequoia Capital India, which led the last two funding rounds, also participated. Progcap has raised $55 million to date.

Progcap was founded in 2017 by Pallavi Shrivastava and Himanshu Chandra. Its credit model evaluates a borrower’s credit worthiness, even if the borrower does not have a formal credit history.

The lending platform uses unconventional ecosystem data, such as day-to-day business activities and supply chain parameters, to create credit scores.